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Daily Scoop 11-3

Daily Scoop 11-3

👋 Your Wednesday Scoops - Deere strikes continue & Zillow shuts it down

November 03, 2021

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Today's Scoop:Strong

Big Picture

Policymakers are starting to transition out of emergency stimulus mode.
More people found jobs in October than expected.
Corporations continue to report strong third-quarter profits.

The Market

⬆️

+0.7%

S&P 500: 4,660.57

1Mo:

+8%

| 1Yr:

+35%

| 5Yr:

+124%

Today, the stock market hit new record highs after the Federal Reserve said the economy is strong enough to start supporting itself. The Fed will begin transitioning out of emergency stimulus mode by reducing the amount of bonds it buys each month. The Fed doesn't plan to raise interest rates anytime soon, though, so they're only reducing one component of their stimulus measures. Inflation is at a 30-year high, but the Fed still thinks it's going to be a short-term issue. ADP's private-sector payroll survey showed a hiring jump to 571,000 jobs in October, far more than expected. It's a positive sign after an underwhelming September jobs report.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Deere's

10,000 workers reject offer 2

Zillow's

shutting down it's main business

Facebook's

ending facial recognition

Lyft's

rolling again

Bed Bath & Beyond's

getting creative

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

When economists and investors talk about "tapering", they're referring to the Federal Reserve easing back on its stimulus. The Federal Reserve, aka the Central Bank, aka The Fed, is in charge of the money system. When times are tight, they pump more money into the system to make sure it's easy for people and businesses to take out loans. When money's easy to borrow, it's easier to spend, and the economy heats up. The Fed's been pumping money into the system every month by buying bonds. Tapering means they're slowing down their rate of purchases and pumping less money into the system on the belief that the economy doesn't need as much support anymore.